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Aldar Properties and Mubadala Investment Company have signed key terms for the development of the commercial asset on Al Maryah Island, which will be located within the capital’s international financial center and free zone Abu Dhabi Global Market (ADGM).
In this case, Aldar will own 60% of the joint venture, while Mubadala will hold the rest.
Aldar said in a statement that the joint venture, once finalized, will contribute to ADGM’s thriving ecosystem, providing the capability for more businesses to do business on Al Maryah Island.
It added that this follows Aldar’s acquisition of four commercial buildings from ADGM from Mubadala, followed by a joint deal to acquire Al Maryah Tower, both of which are due to close in 2022.
The partnership is a testament to Aldar and Mubadala’s longstanding ambition to drive growth in Abu Dhabi’s real estate market and play a key role in the development of commercial office buildings on Al Maryah Island, where demand continues to surge.
Office occupancy across ADGM’s four office towers has reached 96%, thanks to Aldar’s active asset management and increased leasing activity.
Upon completion of the initial office tower, which is expected to be completed by the end of 2026, the property will be managed by Aldar Investment, which currently manages more than AED32 billion in assets.
The office building has a gross net lettable area of ​​63,000 square meters and is aiming for LEED Gold certification. It will offer various combinations of micro-offices, multi-tenant and single-tenant floors.
The addition of the new building will bring Aldar Investment’s commercial office space to a gross net lettable area of ​​more than 400,000 square metres, a senior official said.
“Through our ongoing management of ADGM’s four office buildings and a successful leasing program, we continue to see significant demand for Grade A office space on Al Maryah Island,” said Jassem Saleh Busaibe, CEO of Aldar Investment.
“Through a phased approach, the joint venture will continue to increase the supply of quality office space on the island to ensure ADGM Free Zone continues to grow and develop as a financial center of global significance. This first project allows us to take the necessary steps to meet the current There is pent-up demand and there are plans for more demand,” he added.
Khalifa Al Romaithi, Executive Director, Emirates Real Estate, Mubadala, said Al Maryah Island is a one-stop destination offering unparalleled connectivity for people to work, live, shop and play.
“Through this joint venture with Aldar, we are building on our commitment to enhance the business ecosystem and attract key partners to Al Maryah Island,” he added.trade arab news agency
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